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McGuire Development Company Acquires Office Building In Sunrise For $5.8M

Property Image
SOLD
$5,800,000
Michael Fay
John Crotty
+ 2

Florida

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Office29,527 SF
Sold 04/19/2022
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Property Image
SOLD

McGuire Development Company Acquires Office Building In Sunrise For $5.8M

1398 Southwest 160th Avenue

See Similar Deals
Office29,527 SF
Sold 04/19/2022
Michael Fay
John Crotty
+ 2
Contact now

Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$196
Total Square Footage:29,527 SF
Transaction Type:Sale

Located at 1398 SW 160th Ave in Sunrise, this office property was recently sold in a transaction. The property spans a total of 28,010 square feet and is situated in the Sunrise market. The deal closed on April 19, 2022, with a sale price of $5,800,000, resulting in a price per square foot (PPSF) of $207.

The buyer in this transaction was McGuire Development Company, while Rialto Capital Advisors acted as the seller. Representing the buyer was Brian Askey from McGuire Real Estate Services. On the seller's side, David Duckworth, John Crotty, Michael T Fay, and Brian C De La Fe, all representing Avison Young, handled the deal.

Summary of transaction details

  • Property Type: Office
  • Sale Price: $5,800,000
  • Square Footage: 28,010
  • Price Per Square Foot: $207
  • Market: Sunrise
  • Buyer: McGuire Development Company
  • Seller: Rialto Capital Advisors
  • Buyer's Representative: Brian Askey - McGuire Real Estate Services
  • Seller's Representatives: David Duckworth, John Crotty, Michael T Fay, and Brian C De La Fe - Avison Young

Players

John Crotty
51 deals$1.5B volume(305) 345-9567
BROKER

Michael Fay
Avison Young
49 deals$1.4B volume(305) 447-7842
BROKER

David Duckworth
Avison Young
44 deals$1.2B volume
BROKER

Brian de la Fé
Avison Young
46 deals$1.3B volume(305) 476-7134
BROKER

Brian Askey
2 deals$17.9M volume
BROKER

BUYER

Details

SOLD
IMAGE: Brian Askey, Brian C. de la Fé, David Duckworth, John K. Crotty & Michael T. Fay DATE: 04/19/2022 ADDRESS: 1398 SW 160th Ave MARKET: Sunrise ASSET TYPE: Office BUYER: McGuire Development Company SELLER: Rialto Capital Advisors BUYER'S REP: Brian Askey (@BrianPatrick92) - McGuire Real Estate Services (@Mcguiredevelopment.com) SELLER'S REP: David Duckworth, John Crotty, Michael T Fay (@MichaelTFay) & Brian C De La Fe(@BCDelaFe) - Avison Young (@Avison_Young_Global) SALE PRICE: $5,800,000 SF: 28,010 ~ PPSF: $207

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$309,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$20,606.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,494.96
Annual Debt Service$329,939.51